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Through reverse auctions, Minnesota pushes for PBM savings and price transparency

Two large public sector health plans in Minnesota say they jointly will save more than $28 million over the next two years — and potentially more down the road — after using new technology to evaluate bids from competing pharmaceutical benefits managers.

The technology allows health plan sponsors to conduct reverse auctions where the pharmaceutical benefit managers — companies known as PBMs, for short — must respond to detailed requests for proposals and make multiple bids in order to win these large contracts.


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